LOUISVILLE, Ky., July 26 /PRNewswire-FirstCall/ -- The Genlyte
Group Incorporated (NASDAQ:GLYT) today announced record second
quarter net sales of $408.9 million, an increase of 11.7% compared
to $366.1 million in the second quarter of 2006. The Company also
reported record second quarter earnings per share of $1.29, a 4.0%
increase over the $1.24 reported for the second quarter of 2006.
Second quarter net income increased to $37.4 million compared to
$35.9 million reported for the second quarter of 2006. The second
quarter 2006 income before income taxes included a one-time $7.2
million ($4.4 million after-tax) foreign currency exchange gain
related to the return of capital from Canada. The $7.2 million
($4.4 million after- tax) gain was recognized through a reduction
of the currency translation adjustment section of accumulated other
comprehensive income, which is part of stockholder's equity but not
earnings. Excluding this 2006 foreign currency exchange gain, net
income and earnings per share improved 18.7% and 18.3%
respectively. Year-to-date earnings per share were $2.49 compared
to $2.94 for the first half of 2006. Year-to-date net income was
$72.3 million compared to $84.5 million last year. The first
quarter 2006 net income included a one-time net tax benefit of
$24.7 million, or $0.86 per share, related to a change in corporate
tax structuring. In addition, the second quarter of 2006 included
the $7.2 million ($4.4 million after-tax) or $0.15 per share impact
of the foreign currency exchange gain. After excluding the combined
$1.01 impact of these two items from the 2006 year-to-date earnings
per share of $2.94, the first half 2007 earnings per share
increased 29.0%. Sales during the first six months of 2007
increased 15.5% to $803.3 million from $695.3 million in 2006.
Chairman, President and CEO Larry Powers said, "We are pleased to
report second quarter increases in both sales and earnings. Our
focus on higher margin product lines and the price increases helped
us achieve higher sales and gross margins for the second quarter.
"Our commercial lighting business grew moderately from last year,
but the growth was offset by weakness in the residential sector. In
addition, results for the second quarter of 2006 include a spike in
shipments in advance of a price increase during June 2006. Our core
commercial business is participating in the commercial construction
cyclical recovery that began earlier this year and should continue
for the next year or two. However, we are seeing pockets of
softness in the light commercial, suburban retail, and stock and
flow parts of the business. "We are pleased with the second quarter
gross margin increase to 40.6% compared to 39.4% last year. The
operating profit margin increased during the second quarter to
14.7% from 14.0%. These margin increases are primarily attributed
to the effective price increases, increases in volume which
leverage our fixed costs, and the benefit of mix from selling
higher value added products. The operating profit margin
improvement was partially offset by the impact of working capital
currency translation losses totaling $2.3 million, which were
recognized during the current year related to the strengthening of
the Canadian dollar. "We continue to see cumulative year-over-year
cost increases in health care, aluminum, zinc and other materials.
Key concerns in the near future are transportation and energy
costs, and continued growth of the U.S. economy. We believe the
commercial construction markets will grow in 2007; however,
unexpected economic changes could alter expectations. Our
short-term plan is to control expenses and provide outstanding
service, while adding innovative new products." Vice President and
Chief Financial Officer Bill Ferko stated, "During the quarter cash
flow from operations less plant and equipment investments provided
$16.4 million compared to the same quarter last year when we
generated $16.3 million. For the first six months of 2007 cash flow
from operations less plant and equipment investments provided $916
thousand compared to the first six months of 2006 when we used $4.2
million. In addition, working capital (current assets less current
liabilities) as of June 30, 2007 increased by $47.0 million to
$230.1 million compared to July 1, 2006, but was significantly
impacted by cash and debt balances. Working capital less cash and
short-term debt was $245.5 million (15.0% of annualized sales) as
of June 30, 2007, compared to working capital less cash and short-
term debt of $238.3 million (16.3% of annualized sales) as of July
1, 2006. "Our balance sheet remains very strong. We closed the
second quarter with cash of $66.0 million and debt of $143.2
million, or a net debt position of $77.2 million, compared to
second quarter 2006 net debt of $182.3 million, and $71.2 million
at the end of 2006. Our net debt decreased by $105.1 million
compared to prior year even though we recently paid approximately
$40 million to acquire Strand, Carsonite, and Hanover Lantern over
the past twelve months." To supplement the consolidated financial
statements presented in accordance with accounting principles
generally accepted in the United States (GAAP), the Company has
presented a table of adjusted operating results, which includes
non-GAAP financial information. This non-GAAP financial information
is provided to enhance the user's overall understanding of the
Company's current financial performance and prospects for the
future. Specifically, management believes the non-GAAP financial
information provides useful information to investors by excluding
or adjusting certain items of operating results that were unusual
and not indicative of the Company's core operating results.
Management considers working capital (current assets minus current
liabilities) an important measure of short-term liquidity and uses
it to measure the investment in the business. In addition,
management believes cash flow from operating activities less plant
and equipment investments is an important measure that gives a more
accurate picture of the Company's cash generation. This non-GAAP
financial information should be considered in addition to, and not
as a substitute for, or superior to, results prepared in accordance
with GAAP. The non-GAAP financial information included in this news
release has been reconciled to the nearest GAAP measure. Live audio
of Genlyte's conference call with securities analysts, scheduled
for 11:00 a.m. EDT on July 26, 2007, can be accessed from the
investor relations section of Genlyte's website
http://www.genlyte.com/ or from
http://www.visualwebcaster.com/event.asp?id=41299. An audio replay
of the call will be available for 90 days. The Genlyte Group
Incorporated (NASDAQ:GLYT) is a leading manufacturer of lighting
fixtures, controls, and related products for the commercial,
industrial and residential markets. Genlyte sells lighting and
lighting accessory products under the major brand names of Alkco,
Allscape, Ardee, Canlyte, Capri/Omega, Carsonite, Chloride Systems,
Crescent, D'ac, Day-Brite, Gardco, Guth, Hadco, Hanover Lantern,
High-Lites, Hoffmeister, Lam, Ledalite, Lightolier, Lightolier
Controls, Lumec, Morlite, Nessen, Quality, Shakespeare Composite
Structures, Specialty, Stonco, Strand, Thomas Lighting, Thomas
Lighting Canada, Vari-Lite, Vista, and Wide-Lite. Certain
statements in this news release, including without limitation
expectations as to future sales and operating results, constitute
"forward- looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Reform Act"). Words
such as "expects," "anticipates," "believes," "plans," "intends,"
"estimates," "projects," "forecasts," "outlook," and similar
expressions are intended to identify such forward-looking
statements. The statements involve known and unknown risks,
uncertainties, and other factors which may cause the company's
actual results, performance, or achievements to be materially
different from any future results, performance, or achievements
expressed or implied by such forward- looking statements. Such
factors include, but are not limited to, the following: the highly
competitive nature of the lighting business; the overall strength
or weakness of the economy, construction activity, and the
commercial, residential, and industrial lighting markets; the
ability to maintain or increase prices; customer acceptance of new
product offerings; ability to sell to targeted markets; the
performance of our specialty and niche businesses; availability and
cost of input materials; work interruption by union employees;
increases in energy and freight costs; workers' compensation,
casualty and group health insurance costs; increases in interest
costs arising from an increase in rates; the operating results of
recent acquisitions; future acquisitions; foreign currency exchange
rates; changes in tax rates or laws, and changes in accounting
standards. We will not undertake and specifically decline any
obligation to update or correct any forward- looking statements to
reflect events or circumstances after the date of such statements
or to reflect the occurrence of anticipated or unanticipated
events. For additional information about Genlyte please refer to
the Company's web site at: http://www.genlyte.com/. The table below
presents a comparison of condensed consolidated statements of
income (unaudited and preliminary) for the three months and six
months ended June 30, 2007 and July 1, 2006, as well as adjusted
net income and the impact of the adjustments on earnings per share
for the one-time foreign currency exchange gain and the tax
provision benefit. For the three months ended June 30, 2007 July 1,
2006 % Change Net Sales $ 408,888 $ 366,094 11.7% Operating Profit
$ 60,054 $ 51,253 17.2% Net Income $ 37,354 $ 35,877 4.1% E.P.S.
(1) $ 1.29 $ 1.24 4.0% Average Shares Outstanding (1) 29,066 28,830
0.8% Foreign Currency Exchange Gain (After Tax) (2) $ - $ 4,400
(100.0)% Adjusted Net Income $ 37,354 $ 31,477 18.7% Impact of
Adjustment on E.P.S. $ - $ 0.15 (100.0)% For the six months ended
June 30, 2007 July 1, 2006 % Change Net Sales $ 803,278 $ 695,268
15.5% Operating Profit $ 118,196 $ 94,830 24.6% Net Income $ 72,319
$ 84,504 (14.4)% E.P.S. (1) $ 2.49 $ 2.94 (15.3)% Average Shares
Outstanding (1) 29,032 28,723 1.1% Foreign Currency Exchange Gain
(After Tax) (2) $ -- $ 4,400 (100.0)% Tax Provision Benefit (2) $
-- $ 24,715 (100.0)% Adjusted Net Income $ 72,319 $ 55,389 30.6%
Impact of Adjustments on E.P.S. $ -- $ 1.01 (100.0)% (1) Fully
diluted (2) The one-time foreign currency exchange gain and the tax
provision benefit relating to the change in corporate tax
structuring of GTG are provided to present 2006 results on a more
comparable basis with 2007. The foregoing unaudited figures have
been approved by the management of The Genlyte Group Incorporated
for official release on the date indicated. THE GENLYTE GROUP
INCORPORATED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS
AND SIX MONTHS ENDED JUNE 30, 2007 AND JULY 1, 2006 (Amounts in
thousands, except earnings per share data) (Unaudited and
Preliminary) Three Months Ended Six Months Ended June 30, July 1,
June 30, July 1, 2007 2006 2007 2006 Net sales $ 408,888 $ 366,094
$ 803,278 $ 695,268 Cost of sales 242,864 221,869 479,749 425,053
Gross profit 166,024 144,225 323,529 270,215 Selling and
administrative expenses 105,550 91,819 204,280 173,607 Amortization
of intangible assets 420 1,153 1,053 1,778 Operating profit 60,054
51,253 118,196 94,830 Interest expense, net 1,687 1,689 3,383 2,808
Foreign currency exchange gain on investment - (7,184) - (7,184)
Income before income taxes 58,367 56,748 114,813 99,206 Income tax
provision 21,013 20,871 42,494 14,702 Net income $ 37,354 $ 35,877
$ 72,319 $ 84,504 Earnings per share: Basic $ 1.31 $ 1.27 $ 2.54 $
3.01 Diluted $ 1.29 $ 1.24 $ 2.49 $ 2.94 Weighted average number of
shares outstanding: Basic 28,510 28,152 28,434 28,057 Diluted
29,066 28,830 29,032 28,723 THE GENLYTE GROUP INCORPORATED
CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2007 AND DECEMBER 31,
2006 (Amounts in thousands) (Unaudited and Preliminary) June 30,
December 31, 2007 2006 Assets: Current Assets: Cash $ 65,962 $
76,690 Accounts receivable, less allowances for doubtful accounts
of $6,561 and $7,019 as of June 30, 2007 and December 31, 2006
241,468 202,116 Inventories 186,091 194,773 Deferred income taxes
and other current assets 43,871 39,467 Total current assets 537,392
513,046 Property, plant and equipment, at cost 503,475 478,610
Less: accumulated depreciation and amortization 318,752 299,094 Net
property, plant and equipment 184,723 179,516 Goodwill 368,621
345,203 Other intangible assets, net of accumulated amortization
150,361 144,927 Other assets 3,080 3,493 Total Assets $1,244,177
$1,186,185 Liabilities & Stockholders' Equity: Current
Liabilities: Short-term debt $ 80,570 $ 86,366 Current maturities
of long-term debt 721 257 Accounts payable 132,904 136,146 Accrued
expenses 93,071 118,528 Total current liabilities 307,266 341,297
Long-term debt 61,945 61,313 Deferred income taxes 36,400 38,935
Accrued pension and other long-term liabilities 37,366 38,872 Total
liabilities 442,977 480,417 Stockholders' Equity: Common stock 286
284 Additional paid-in capital 91,621 80,220 Retained earnings
683,672 611,998 Accumulated other comprehensive income 25,621
13,266 Total stockholders' equity 801,200 705,768 Total Liabilities
& Stockholders' Equity $1,244,177 $1,186,185 THE GENLYTE GROUP
INCORPORATED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX
MONTHS ENDED JUNE 30, 2007 AND JULY 1, 2006 (Amounts in thousands)
(Unaudited and Preliminary) 2007 2006 Cash Flows From Operating
Activities: Net income $ 72,319 $ 84,504 Adjustments to reconcile
net income to net cash provided by operating activities:
Depreciation and amortization 16,307 15,407 Net loss from disposals
of property, plant and equipment 203 39 Benefit for deferred income
taxes (8,562) (27,106) Stock-based compensation expense 1,012 268
Foreign currency exchange gain on investment - (7,184) Minority
interest - (1,054) Changes in assets and liabilities, net of effect
of acquisitions: (Increase) decrease in: Accounts receivable
(34,900) (33,753) Inventories 3,406 (7,116) Deferred income taxes
and other current assets 2,349 12,061 Intangible and other assets
167 (379) Increase (decrease) in: Accounts payable (7,965) (470)
Accrued expenses (29,975) (21,441) Deferred income taxes, long-
term 6,094 (7,320) Accrued pension and other long-term liabilities
(1,861) 815 All other, net - (282) Net cash provided by operating
activities 18,594 6,989 Cash Flows From Investing Activities:
Acquisitions of businesses, net of cash received (21,867) (120,330)
Purchases of property, plant and equipment (17,678) (11,183)
Proceeds from sales of property, plant and equipment 76 45
Purchases of short-term investments - - Proceeds from sales of
short-term investments - 17,826 Net cash used in investing
activities (39,469) (113,642) Cash Flows From Financing Activities:
Proceeds from short-term debt 13,400 15,212 Repayments of
short-term debt (19,196) - Proceeds from long-term debt 69,550
62,526 Repayments of long-term debt (70,204) (21,528) Net increase
in disbursements outstanding 3,211 3,668 Exercise of stock options
6,222 3,922 Excess tax benefits from exercise of stock options
4,169 3,500 Net cash provided by financing activities 7,152 67,300
Effect of exchange rate changes on cash 2,995 1,553 Net decrease in
cash (10,728) (37,800) Cash at beginning of period 76,690 78,042
Cash at end of period $ 65,962 $ 40,242 THE GENLYTE GROUP
INCORPORATED SELECTED SEGMENT DATA FOR THE THREE MONTHS AND SIX
MONTHS ENDED JUNE 30, 2007 AND JULY 1, 2006 (Amounts in thousands)
(Unaudited and Preliminary) Three Months Ended Six Months Ended
June 30, July 1, June 30, July 1, 2007 2006 2007 2006 Net sales:
Commercial segment $ 308,529 $ 269,137 $ 604,241 $ 511,404
Residential segment 46,788 48,122 90,391 92,942 Industrial &
other segment 53,571 48,835 108,646 90,922 Total net sales $
408,888 $ 366,094 $ 803,278 $ 695,268 Operating profit: Commercial
segment $ 44,532 $ 36,491 $ 88,461 $ 67,388 Residential segment
7,913 9,005 14,546 16,728 Industrial & other segment 7,609
5,757 15,189 10,714 Total operating profit $ 60,054 $ 51,253 $
118,196 $ 94,830 DATASOURCE: The Genlyte Group Inc. CONTACT:
William G. Ferko, CFO of The Genlyte Group Inc., +1-502-420-9502
Web site: http://www.genlyte.com/
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